Showroom

Seller’s Market: 33% of Americans Want New Cars

January 11, 2018
• by Staff

Workers at General Motors’ Arlington, Texas, assembly plant applaud as the OEM’s 11 millionth vehicle, a 2018 Chevrolet Tahoe, rolls off the line. A study commissioned by GM BuyPower Card found that 33.2% of U.S. drivers want to buy a new car or truck this year. Photo courtesy General Motors Co.

DALLAS — The 2018 New Year’s Driving Resolutions Survey commissioned by the GM BuyPower Card — which included 1,134 licensed drivers in the U.S. — revealed that nearly a third of respondents (33.2%) indicated they “should" get a new vehicle in 2018, while 15% indicated they “will” purchase or lease a new car or truck this year.

For those gearing up for a new-vehicle purchase, nearly a third (27.2%) of those surveyed agree that they need to start saving in 2018. In fact, nearly a quarter (22.6%) of respondents are already saving toward the purchase or lease of a new vehicle.

Other highlights of the survey include:

44.4% of respondents expect to see more fuel-efficient vehicles on the road, representing the top vehicle trend of 2018.

40.9% of respondents expect environmentally friendly vehicles (e.g. electric cars) to become more mainstream in 2018.

31.9% cite self-driving vehicles as the third biggest trend for 2018.

American drivers are looking more toward SUVs as their top vehicle choice, with 31.8% naming SUVs the No. 1 “dream vehicle” they would want to lease or purchase in 2018; trucks were second at 14.9% and luxury vehicles and sports cars registered at 11.7% and 10.4%, respectively.

The survey was commissioned by the GM BuyPower Card from Capital One. Cardholders can accumulate 5% earnings on the first $5,000 in purchases and 2% after that, all to apply toward the future purchase or lease of a new Chevrolet, Buick, GMC or Cadillac vehicle.

A one-on-one with Bloomberg’s Hannah Elliott did little to lend credibility to Henrik Fisker’s plan to produce a $40,000 all-electric SUV by 2021, when it will face direct competition from Tesla’s Model Y and at least four established highline factories.

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